NONLINEAR PHENOMENA IN COMPLEX SYSTEMS
An Interdisciplinary Journal

2011, Vol.14, No.1, pp.80-88


Individual Human Capitals, Collective Behavior, and Age-Earnings Profiles of Workers: an Alternative Rationale and New Path to Modeling.
Serguei Maximov

In the article, an improved macro-level model is presented. The improvement concerns statistic averaging -- more reasonable distribution (Weibull) of individual "social" ages at intertemporal decision-making is used to get the macro-model. Simple (linear) regression based on the macro-model's specification is used to fit large samples (more than 40 age points) of empirical age-earnings data (UK, 2002; Canada, 1973, 1984, 1994). The found estimates of the pre-supposed "social" ages of persons to switch back and forth their educational efforts during life span are quite reasonable as well as the gender differences "detected" by the macro-model in such behavior. Findings presented in formulae, tables and graphs demonstrate the developed model's high accuracy in the regressions - better than in the Minceranian log-linear regressions.
Key words: human capital, economic utility, evolutionary equation, intertemporal decision-making, collective behavior, statistic averaging, Weibull distribution, age-earnings profile, regression analysis, goodness of fit, Durbin-Watson statistics

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